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Pebble Beach $80 million art heist saga over

This art piece by G.H. Rothe was among the artwork stolen in Pebble Beach.

SOURCE: pebblebeachartheist.com

Pebble Beach $80 million art heist saga over

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Updated: 5:18 PM PDT May 10, 2012

PEBBLE BEACH, Calif. —

The Monterey County Sheriff's Office ended its two-year investigation into two men's report that their collection of artwork by Jackson Pollock, Vincent van Gogh, Rembrandt and others was stolen from their Pebble Beach home.

The probe led to no arrests in the mysterious heist, no recovery of the prized artwork, and at one point aroused suspicion about Dr. Ralph Kennaugh and Angelo Amadio.

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Shortly after the pair reported the artworks missing, investigators said they questioned the veracity of Kennaugh and Amadio's claim and named them as suspects.

However, no evidence of fraud has been found in the sheriff's investigation.

"Though numerous interviews were conducted, nothing substantial was developed which would lead me to a specific suspect(s)," Detective R. Jorgenson wrote in an email to an attorney for Kennaugh and Amadio.

"Pairing that with the lack of physical evidence, I have concluded my investigation into Mr. Amadio and Mr. Kennaugh's burglary and have suspended the case pending any new developments," it said.

Kennaugh, a retired Harvard Medical School physician, and his business partner, Amadio, said 19 high-value works were taken during the Sept. 25, 2009, burglary.

An untitled Pollock has received the most attention because it has been speculated to be worth up to $40 million.

Sheriff's officials initially expressed frustration, saying the men had not been forthcoming with investigators and had not provided documents proving the works existed or were ever in their possession.Kennaugh said he's satisfied with the sheriff's department's work on the case and relieved he's no longer a fraud suspect.

"It's excellent news. But we still do not know who took the artwork," he said. "It's been a horrendous, awful experience. There was no one doing anything to find the artwork."

A $5 million reward still is being offered for information leading to the art's recovery, and a list of the works has been sent to the FBI's art theft database, Kennaugh said.

Kennaugh and Amadio have since moved to Los Angeles to escape the drama surrounded the art theft saga.